View source for ERC-4337

* An [[ERC]] standard for the [[Ethereum (ETH)|Ethereum]] [[blockchain]].
*The ERC-4337 standard has [https://bbweekly.substack.com/p/blockbytes-weekly-week-9-2023 passed] an audit by [[OpenZeppelin|Open Zeppelin]] (3-2023).
* [https://milkroad.com/news/bull-bear-cases-erc4337 From] the MilkRoad (7-3-2023):

''"ERC-4337 introduces something called [[Account Abstraction]], which allows [[Ethereum]] [[Wallet|wallets]] to operate as [[Smart Contract (SC)|smart contracts]].''

''Still hazy? Here’s what it enables:''

# ''Recovering lost [[Private Key|private keys]]. There’s a new “social recovery system” where designated users have the ability to restore access to a [[wallet]], should someone lose their [[private keys]]''
# ''Securing [[wallets]] without a [[Seed|seed phrase]]. Users can enable [[2FA]] and biometrics (fingerprint or facial scan) to protect their wallets. Sayonara to those 12-word [[seed]] phrases''
# ''Carrying out automated payments and setting time-based spending limits (i.e. you can set monthly spending limits on a wallet)''
# ''Sending gasless [[transactions]]. [[Decentralized Applications (DApps)|Decentralized applications]] can “sponsor” [[gas]] [[fees]] (aka [[cover]] the costs) to make things cheaper and simpler for their customers''

''Why does it matter? The upgrade enables a lot of the same features a bank offers, without needing to trust a bank.''

''By merging crypto wallets with smart [[contracts]], Account Abstraction makes for more secure and efficient transactions, ultimately making crypto more user-friendly.''

''Plus, it makes some of the previously “impossible” stuff (like wallet recovery, seedless wallets, etc.) possible."''

* [https://twitter.com/blockomotive/status/1631996549214482432 From] a [[Safe (SAFE)|Safe]] contributor (4-3-2023):

''"ERC4337 is not Account Abstraction but an early-stage [[Relays|relayer]] technology. ERC4337 is an application level design which allows to abstract gas and transaction fee management away from end users via a smart contract. That’s great news, because it opens up the market for “decentralised” relayers, effectively running “bundlers”.''

''However, until many bundlers are up and running (which still requires dedicated infra), the system remains [[Centralized|centralised]] and fragile. Currently only a few projects offer API services to run bundlers, increasing the centralisation of 4337. Another challenge is the economics behind ERC4337. They assume an open and permission-less market but there is no certainty the incentives from gas fees will be strong enough to ensure the sustainability of the system for users and bundlers."''
[[Category:Jargon/Various]]